4 Tips For A Successful Benefits Search
Many business owners become overwhelmed by the idea of implementing an employee benefits plan for the first time. But this doesn’t need to be a daunting task. In fact, you should be excited about all of the benefits (no pun intended) to introducing a group insurance plan within your company. Here are 4 tips that will help you be successful in your benefits quest:
- 1. Choosing the Right Brokerage or Advisor
The foundation of implementing a benefits plan begins with your advisor. Just like lawyers and doctors specialize in specific areas in their field, so do insurance brokerages, and not all are alike. Do your research. Ask around for recommendations from other business owners or decision makers within your network. Once you have a list of candidates, don’t be afraid to interview them. All of these steps will help you to forge a relationship with a benefits expert that will help you find the perfect benefits solution for your unique needs.
- 2. Outline Your Company’s Goals
Outlining your company’s goals is one of the most crucial pieces to the benefits puzzle. Why do you want to institute a benefits plan? Is it to become more competitive in the marketplace and aid in retaining top talent? What type of coverage do you think will matter most to your employees? Are you interested in layering a wellness spending account on top of your group plan to encourage employees to be proactive with their health because that is a pillar of your corporate culture?
By getting to know more in-depth insights about your overall short-term and long-term goals as they relate to your benefits program, your advisor will actively be able to provide tailored recommendations that align with your corporate vision.
- 3. Determine A Budget
During the initial conversations with your advisor, the topic of budget and funding models will undoubtedly come up. Their main goal will be to determine what you’re comfortable spending on your benefits program and what your risk tolerance is.
Coupled with the knowledge of your company’s overall goals, your advisor will use this budgetary information to recommend plan offerings that meet both your corporate and financial objectives.
- 4. Setting Timelines
Whether you’re looking to implement a benefits plan as soon as humanly possible or are simply being proactive for an implementation date that’s a year away. Right off the bat, you should work with your advisor to establish clear-cut timelines. This will make sure that you are both on the same page and working towards the same goals at the same pace.
Like a house, you need to start with a sound foundation and these 4 tips are will become the foundation of your benefits conversation. As you move through the implementation journey, explore different funding models and plan design options, you will see the framework come together piece by piece. And at the end, you will have the perfect benefits solution for your company’s size, financial needs and overall corporate objectives.